Some extracts ;
"A taste of the billing was the claim by Oswal and his wife, Radhika, that PPB spent 48 hours filling out a form (a "second form 524") and charged $19,240. Further high charges were incurred for the filling out of another form (a "third form 524"), a task that apparently endured for 19 hours, though, according to the allegations, the form was still not filled out correctly."
"The thousands of pages of documents, however, reveal more-serious mischief, according to Oswals lawyers. They show radical amendments to work-in-progress (WIP) reports in which previously non-billable items were transformed to billable entries"
"When giving evidence, the three receivers were unable to assist the court in explaining this creative accounting"
Anyone else would call that theft or fraud.
Great article, another confirmation even in the face of Federal Court evidence, let alone significant shareholder concern, our corporate watchdog is a gutless organisation.
AYN shareholders have good reason for concern.
It is time ASIC asked some detailed accountability questions rather than watching patients bleed to death.
In any other industry, that would be called negligence and incur the wrath of the litigation lawyers.
TPG.
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